The Coronavirus’ Effect on the Global Restaurant, Hotel & Hospitality Industry

The Coronavirus pandemic had a devastating effect on restaurants, hotels, hospitality businesses and related logistics and support firms on a global basis. A massive slowdown in consumer spending on restaurants, hotels, cruise lines and other hospitality businesses ensued. A rash of bankruptcies has been one result. For example, U.S. restaurant firms Logan’s Roadhouse, CraftWorks Holdings (which owns the Old Chicago chain), Krystal, CEO Entertainment (which owns the Chuck E. Cheese chain) and the U.S. arm of Le Pain Quotidien sought bankruptcy protection in 2020. On the positive side, all of these firms found buyers relatively quickly, indicating that investors see good value in well-known brands are betting that restaurants will recover in the wake of the pandemic.

Large numbers of restaurants shut their doors permanently worldwide. (Many restaurants simply turned over the keys to their landlords, abandoning fully equipped restaurants.) In the U.S., perhaps 110,000 of the nation’s 1 million restaurants closed for at least an extended period of time, despite the injection of federal financial support in the form of PPP loans. This led to a large amount of finished, well-equipped restaurant space going vacant. To a significant extent, such space has been seen as an opportunity by some entrepreneurs and chefs who negotiated advantageous leases and opened new restaurants with modest investments.

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The Coronavirus’ Effect on the Global Restaurant, Hotel & Hospitality Industry, Business and Industry Trends Analysis

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